Stock Name: Yangzijiang
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
AmFraser Research in an Oct 17 research report says: "On Oct 17, YZJ management announced that it is "confident to deliver not less than 30% growth in net profit attributable to equity holders of the Group in the upcoming 9 months results announcement."
"Considering that they earned CNY2.96b last year, YZJ is definitely on track to make record profits this year. The announcement contained very little news beyond the assurance of at least 30% PATMI growth. It was, however, necessary since the media has had a field day at YZJ's expense given the recent Wenzhou incident.
"Our earnings estimates are unchanged (we see record profits of CNY4 billion maintained for the next 3 years), and with YZJ's consistent 30% payout dividend policy, we see dividend per share at 6.0-6.5c over the next 3 years, translating into a very decent 6.5% yield. Fair value of $1.60. BUY"
Company Name: YANGZIJIANG SHIPBLDG HLDGS LTD
| Research House: AmFraser | Price Call: BUY | Target Price: 1.60 |
AmFraser Research in an Oct 17 research report says: "On Oct 17, YZJ management announced that it is "confident to deliver not less than 30% growth in net profit attributable to equity holders of the Group in the upcoming 9 months results announcement."
"Considering that they earned CNY2.96b last year, YZJ is definitely on track to make record profits this year. The announcement contained very little news beyond the assurance of at least 30% PATMI growth. It was, however, necessary since the media has had a field day at YZJ's expense given the recent Wenzhou incident.
"Our earnings estimates are unchanged (we see record profits of CNY4 billion maintained for the next 3 years), and with YZJ's consistent 30% payout dividend policy, we see dividend per share at 6.0-6.5c over the next 3 years, translating into a very decent 6.5% yield. Fair value of $1.60. BUY"
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